After a careful review of the case between Samsung Heavy Industries, SHI, and the Lagos Deep Offshore Limited, LADOL base, the Nigerian Ports Authority, NPA, has leased a total of 11.2426 hectares of the land to SHI with a view to protecting the company's investment at the base.
In a letter of offer sighted by Vanguard Maritime Report, the value of the lease is put at N219.2 million per annum bringing the total cost of the lease to N1.1 billion for five years.
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